Exhibit 99.1

NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576

Associated Banc-Corp Reports Third Quarter 2021 Net Income Available to Common Equity of $85 million, or $0.56 Per Common Share.

Results driven by positive revenue growth trends.

GREEN BAY, Wis. -- October 21, 2021 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $85 million, or $0.56 per common share, for the quarter ended September 30, 2021. These amounts compare to earnings of $40 million, or $0.26 per common share for the quarter ended September 30, 2020 and earnings of $86 million, or $0.56 per common share for the quarter ended June 30, 2021.

"Our third quarter results were driven by expanding revenue trends,” remarked President and CEO Andy Harmening. "We saw increasing signs of business confidence during the quarter. Average commercial and business lending (excluding PPP) loans grew by over 3% from the second quarter. Net interest income and noninterest income also increased, and coupled with disciplined expense and capital management, we delivered a return on average tangible common equity of over 12.7%. At the end of the quarter, we successfully launched our new Auto Finance vertical and are encouraged by the early activity we are seeing. We've also rounded out the leadership team with the hiring of a new President of Equipment Finance and Leasing and are now proceeding with leaders in place for all of our strategic expansions. We look forward to updating investors about our initiatives later this quarter."

Third Quarter 2021 Highlights (all comparisons to the second quarter of 2021)

•Average loans were down $215 million, to $23.9 billion

•Excluding PPP, average loans were up $211 million, to $23.6 billion

•Average deposits were up $604 million, to $28.1 billion

•Net interest income was up $4 million, to $184 million

•Noninterest income was up $9 million, to $82 million

•Noninterest expense was up $3 million, to $178 million

•Provision for credit losses was negative $24 million, compared to negative $35 million

•Net income available to common equity was down $1 million, to $85 million

•Earnings per common share remained unchanged at $0.56

•Tangible book value per share was up $0.23, to $17.58

Loans

Third quarter 2021 average total loans of $23.9 billion were down 1%, or $215 million from the prior quarter and were down 4%, or $1.1 billion from the same period last year. Excluding PPP, average total loans of $23.6 billion were up 1%, or $211 million from the prior quarter and were down 1%, or $335 million from the same period last year. With respect to third quarter 2021 average balances by loan category:

•Commercial and business lending (excluding PPP) increased $271 million from the prior quarter and decreased $42 million compared to the same period last year to $8.7 billion.

•Commercial real estate lending increased approximately $1 million from the prior quarter and increased $128 million from the same period last year to $6.2 billion.

•Consumer lending was $8.7 billion, down $60 million from the prior quarter and down $420 million from the same period last year.

•PPP loans decreased $426 million from the prior quarter and decreased $744 million from the same period last year to $275 million.

Third quarter 2021 period-end total loans of $23.6 billion were down 1%, or $326 million from the prior quarter and were down 6%, or $1.4 billion from the same period last year. Excluding PPP, period-end total loans of $23.4 billion were down less than 1%, or $103 million from the prior quarter and were down 2%, or $542 million from the same period last year. With respect to third quarter 2021 period-end balances by loan category:

•Commercial and business lending (excluding PPP) increased $17 million from the prior quarter and decreased $31 million from the same period last year to $8.8 billion.

•Commercial real estate lending decreased $50 million from the prior quarter and decreased $49 million from the same period last year to $6.1 billion.

•Consumer lending was $8.5 billion, down $69 million from the prior quarter and down $461 million from the same period last year.

•PPP loans decreased $223 million from the prior quarter and decreased $840 million from the same period last year to $182 million.

We expect full-year commercial loan growth, excluding PPP, of approximately 2% in 2021.

Deposits

Third quarter 2021 average deposits of $28.1 billion were up 2%, or $604 million compared to the prior quarter and were up 5%, or $1.2 billion from the same period last year. With respect to third quarter 2021 average balances by deposit category:

•Noninterest-bearing demand deposits increased $72 million from the prior quarter and increased $730 million from the same period last year to $8.1 billion.

•Savings increased $127 million from the prior quarter and increased $786 million from the same period last year to $4.2 billion.

•Interest-bearing demand deposits increased $465 million from the prior quarter and increased $509 million from the same period last year to $6.3 billion.

•Money market deposits increased $30 million from the prior quarter and increased $546 million from the same period last year to $7.0 billion.

•Time deposits decreased $75 million from the prior quarter and decreased $701 million from the same period last year to $1.4 billion.

•Network transaction deposits decreased $15 million from the prior quarter and decreased $634 million from the same period last year to $894 million.

Third quarter 2021 period-end deposits of $27.9 billion were up 2%, or $587 million compared to the prior quarter and were up 4%, or $1.1 billion from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 67% of deposit balances as of September 30, 2021. With respect to third quarter 2021 period-end balances by deposit category:

•Noninterest-bearing demand deposits increased $171 million from the prior quarter and increased $681 million from the same period last year to $8.2 billion.

•Savings increased $96 million from the prior quarter and increased $749 million from the same period last year to $4.3 billion.

•Interest-bearing demand deposits increased $439 million from the prior quarter and increased $428 million from the same period last year to $6.4 billion.

•Money market deposits decreased $57 million from the prior quarter and decreased $104 million from the same period last year to $7.6 billion.

•Time deposits decreased $62 million from the prior quarter and decreased $616 million from the same period last year to $1.4 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) increased $58 million from the prior quarter and decreased $462 million from the same period last year to $929 million.

Net Interest Income and Net Interest Margin

Third quarter 2021 net interest income of $184 million was up 2%, or $4 million from the prior quarter and the net interest margin increased 1 basis point from the prior quarter to 2.38%. Compared to the same period last year, net interest income increased 1%, or $2 million, and the net interest margin increased 7 basis points.

•The average yield on total loans for the third quarter of 2021 increased 2 basis points from the prior quarter and was flat compared to the same period last year at 2.92%.

•The average cost of total interest-bearing liabilities for the third quarter of 2021 decreased 6 basis points from the prior quarter and decreased 22 basis points from the same period last year to 0.30%.

•The net free funds benefit for the third quarter of 2021 decreased 2 basis points from the prior quarter and decreased 4 basis points compared to the same period last year to 0.09%.

We expect our full-year net interest margin to finish 2021 at approximately 2.40%.

Noninterest Income

Third quarter 2021 total noninterest income of $82 million increased $9 million from the prior quarter and increased $7 million from the same period last year. With respect to third quarter 2021 noninterest income line items:

•Mortgage Banking, net was $11 million for the third quarter, up $3 million from the prior quarter. Relative to the prior-year period, Mortgage Banking was down $2 million, principally due to lower gain on sale margins.

•Service charges and deposit account fees increased $1 million from the prior quarter and increased $3 million from the same period last year.

•Capital markets fees increased $1 million from the prior quarter and were flat from the same period last year.

•Asset gains, net increased $5 million from the prior quarter and increased $6 million from the same period last year, largely driven by private equity distributions.

We expect noninterest income to finish at the upper end of a range between $315 million and $325 million in 2021.

Noninterest Expense

Third quarter 2021 total noninterest expense of $178 million increased $3 million from the prior quarter and decreased $50 million compared to the same period last year due to the loss on prepayment of FHLB advances in third quarter 2020. With respect to third quarter 2021 noninterest expense line items:

•Personnel expense increased $1 million from the prior quarter and decreased $1 million from the same period last year.    

•Other expense increased $3 million from the prior quarter and decreased $4 million from the same period last year.

•Legal and professional expense decreased $2 million from the prior quarter and $1 million from the same period last year.

We continue to expect approximately $705 million to $711 million of noninterest expense for 2021, which includes expenses from our previously announced growth and efficiency initiatives and proposed facilities exit costs.

Taxes

The third quarter 2021 tax expense was $23 million compared to $22 million of tax expense in the prior quarter and $58 million of tax benefit in the same period last year. The effective tax rate for third quarter 2021 was 20.6% compared to an effective tax rate of 19.8% in the prior quarter.

We expect the annual 2021 tax rate to be between 19% and 21%, assuming no change in the statutory corporate tax rate.

Credit

The third quarter 2021 provision for credit losses was negative $24 million, compared to a negative $35 million in the prior quarter and provision of $43 million in the same period last year. With respect to third quarter 2021 credit quality:

•Potential problem loans of $251 million were up $55 million, or 28%, from the prior quarter and down $42 million, or 14%, from the same period last year.

•Nonaccrual loans of $135 million were down $12 million, or 8%, from the prior quarter and down $97 million, or 42% from the same period last year. The nonaccrual loans to total loans ratio was 0.57% in the third quarter, down from 0.61% in the prior quarter and down from 0.93% in the same period last year.

•Net charge offs of $8 million were up $3 million from the prior quarter and down $22 million from the same period last year.

•The allowance for credit losses on loans (ACLL) of $332 million was down $32 million from the prior quarter and down $110 million compared to the same period last year. The ACLL to total loans ratio was 1.41% in the third quarter, down from 1.52% in the prior quarter and down from 1.77% in the same period last year.

For the fourth quarter, we expect to adjust provision to reflect changes to risk grade, economic conditions, other indications of credit quality, and loan volume.

Capital

In the third quarter, we redeemed all outstanding Depositary Shares representing interest in our 5.375% Perpetual Preferred Stock, Series D at a redemption price of $25 per Depositary Share. We also repurchased $60 million of common stock during the quarter.

The Company’s capital position remains strong, with a CET1 capital ratio of 10.6%at September 30, 2021. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

THIRD QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 21, 2021. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2021 earnings call. The third quarter 2021 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance.  Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook,” "project," "guidance," or similar expressions.  Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements.  Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings.  Such factors are incorporated herein by reference. 

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)	September 30, 2021		June 30, 2021		Seql Qtr $ Change		March 31, 2021		December 31, 2020		September 30, 2020		Comp Qtr $ Change
Assets
Cash and due from banks	$	378,927	$	406,994	$	(28,067)	$	356,285	$	416,154	$	401,151	$	(22,224)
Interest-bearing deposits in other financial institutions	1,281,916		1,340,385		(58,469)		1,590,494		298,759		712,416		569,500
Federal funds sold and securities purchased under agreements to resell	25,000		25,000		—		—		1,135		95		24,905
Investment securities available for sale, at fair value	3,893,379		3,323,346		570,033		3,356,949		3,085,441		3,258,360		635,019
Investment securities held to maturity, net, at amortized cost	1,929,735		1,799,834		129,901		1,857,087		1,878,938		1,990,870		(61,135)
Equity securities	17,939		17,144		795		15,673		15,106		15,090		2,849
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,281		—		168,281		168,280		168,280		1
Residential loans held for sale	158,202		160,547		(2,345)		153,151		129,158		130,139		28,063
Commercial loans held for sale	—		—		—		—		—		19,360		(19,360)
Loans	23,621,673		23,947,536		(325,863)		24,162,328		24,451,724		25,003,753		(1,382,080)
Allowance for loan losses	(290,997)		(318,811)		27,814		(352,938)		(383,702)		(384,711)		93,714
Loans, net	23,330,676		23,628,725		(298,049)		23,809,389		24,068,022		24,619,041		(1,288,365)
Tax credit and other investments	301,490		294,220		7,270		303,701		297,232		314,066		(12,576)
Premises and equipment, net	383,131		398,050		(14,919)		398,671		418,914		422,222		(39,091)
Bank and corporate owned life insurance	683,610		682,709		901		680,831		679,647		679,257		4,353
Goodwill	1,104,992		1,104,992		—		1,104,992		1,109,300		1,107,902		(2,910)
Other intangible assets, net	60,296		62,498		(2,202)		64,701		68,254		70,507		(10,211)
Mortgage servicing rights, net	50,329		48,335		1,994		49,500		41,961		45,261		5,068
Interest receivable	79,011		81,797		(2,786)		86,466		90,263		91,612		(12,601)
Other assets	592,753		609,766		(17,013)		579,084		653,219		653,117		(60,364)
Total assets	$	34,439,666	$	34,152,625	$	287,041	$	34,575,255	$	33,419,783	$	34,698,746	$	(259,080)
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	8,170,105	$	7,999,143	$	170,962	$	8,496,194	$	7,661,728	$	7,489,048	$	681,057
Interest-bearing deposits	19,681,161		19,265,157		416,004		19,180,972		18,820,753		19,223,500		457,661
Total deposits	27,851,266		27,264,299		586,967		27,677,166		26,482,481		26,712,547		1,138,719
Federal funds purchased and securities sold under agreements to repurchase	267,943		170,419		97,524		138,507		192,971		155,329		112,614
Commercial paper	54,553		55,785		(1,232)		51,171		59,346		50,987		3,566
PPPLF	—		—		—		—		—		1,022,217		(1,022,217)
FHLB advances	1,620,880		1,619,826		1,054		1,629,966		1,632,723		1,706,763		(85,883)
Other long-term funding	249,160		549,024		(299,864)		549,729		549,465		549,201		(300,041)
Allowance for unfunded commitments	41,276		45,276		(4,000)		50,776		47,776		57,276		(16,000)
Accrued expenses and other liabilities	359,626		337,942		21,684		350,160		364,088		398,991		(39,365)
Total liabilities	30,444,705		30,042,573		402,132		30,447,474		29,328,850		30,653,313		(208,608)
Stockholders’ equity
Preferred equity	193,195		290,200		(97,005)		353,512		353,512		353,637		(160,442)
Common equity	3,801,766		3,819,852		(18,086)		3,774,268		3,737,421		3,691,796		109,970
Total stockholders’ equity	3,994,961		4,110,052		(115,091)		4,127,780		4,090,933		4,045,433		(50,472)
Total liabilities and stockholders’ equity	$	34,439,666	$	34,152,625	$	287,041	$	34,575,255	$	33,419,783	$	34,698,746	$	(259,080)

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	3Q21		3Q20		$ Change		% Change		Sep 2021		Sep 2020		$ Change		% Change
Interest income
Interest and fees on loans	$	174,643	$	182,625	$	(7,982)	(4)	%	$	522,920	$	599,306	$	(76,386)	(13)	%
Interest and dividends on investment securities
Taxable	8,745		13,689		(4,944)		(36)	%	24,600		50,064		(25,464)		(51)	%
Tax-exempt	14,613		14,523		90		1	%	43,141		44,021		(880)		(2)	%
Other interest	2,281		2,238		43		2	%	5,802		7,774		(1,972)		(25)	%
Total interest income	200,282		213,075		(12,793)		(6)	%	596,462		701,165		(104,703)		(15)	%
Interest expense
Interest on deposits	4,427		10,033		(5,606)		(56)	%	14,945		59,877		(44,932)		(75)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	48		34		14		41	%	103		454		(351)		(77)	%
Interest on other short-term funding	8		5		3		60	%	21		46		(25)		(54)	%
Interest on PPPLF	—		899		(899)		(100)	%	—		1,574		(1,574)		(100)	%
Interest on FHLB Advances	8,962		14,375		(5,413)		(38)	%	27,979		47,471		(19,492)		(41)	%
Interest on long-term funding	3,163		5,580		(2,417)		(43)	%	14,323		16,780		(2,457)		(15)	%
Total interest expense	16,607		30,925		(14,318)		(46)	%	57,371		126,201		(68,830)		(55)	%
Net interest income	183,675		182,150		1,525		1	%	539,092		574,964		(35,872)		(6)	%
Provision for credit losses	(24,010)		43,009		(67,019)		N/M		(82,018)		157,009		(239,027)		N/M
Net interest income after provision for credit losses	207,685		139,141		68,544		49	%	621,110		417,954		203,156		49	%
Noninterest income
Wealth management fees	22,110		21,152		958		5	%	67,229		62,884		4,345		7	%
Service charges and deposit account fees	16,962		14,283		2,679		19	%	47,366		40,989		6,377		16	%
Card-based fees	11,113		10,195		918		9	%	31,838		28,685		3,153		11	%
Other fee-based revenue	3,929		4,968		(1,039)		(21)	%	12,769		14,240		(1,471)		(10)	%
Capital markets, net	7,114		7,222		(108)		(1)	%	20,928		22,067		(1,139)		(5)	%
Mortgage banking, net	10,657		12,636		(1,979)		(16)	%	42,710		31,043		11,667		38	%
Bank and corporate owned life insurance	2,760		3,074		(314)		(10)	%	8,551		9,793		(1,242)		(13)	%
Insurance commissions and fees	88		114		(26)		(23)	%	250		45,153		(44,903)		(99)	%
Asset gains (losses), net(a)	5,228		(339)		5,567		N/M		10,024		156,945		(146,921)		(94)	%
Investment securities gains (losses), net	—		7		(7)		(100)	%	(16)		9,222		(9,238)		N/M
Gains (losses) on sale of branches, net(b)	—		—		—		N/M		1,038		—		1,038		N/M
Other	2,116		2,232		(116)		(5)	%	8,176		7,321		855		12	%
Total noninterest income	82,076		75,545		6,531		9	%	250,862		428,342		(177,480)		(41)	%
Noninterest expense
Personnel	107,880		108,567		(687)		(1)	%	318,900		334,117		(15,217)		(5)	%
Technology	19,927		19,666		261		1	%	60,902		61,639		(737)		(1)	%
Occupancy	15,814		17,854		(2,040)		(11)	%	46,649		48,386		(1,737)		(4)	%
Business development and advertising	6,156		3,626		2,530		70	%	15,522		13,007		2,515		19	%
Equipment	5,200		5,399		(199)		(4)	%	16,199		16,150		49		—	%
Legal and professional	4,304		5,591		(1,287)		(23)	%	17,495		15,809		1,686		11	%
Loan and foreclosure costs	1,616		2,118		(502)		(24)	%	6,508		8,842		(2,334)		(26)	%
FDIC assessment	5,000		3,900		1,100		28	%	13,350		14,650		(1,300)		(9)	%
Other intangible amortization	2,203		2,253		(50)		(2)	%	6,642		7,939		(1,297)		(16)	%
Loss on prepayments of FHLB advances	—		44,650		(44,650)		(100)	%	—		44,650		(44,650)		(100)	%
Other	9,793		13,963		(4,170)		(30)	%	25,547		37,993		(12,446)		(33)	%
Total noninterest expense	177,892		227,587		(49,695)		(22)	%	527,713		603,184		(75,471)		(13)	%
Income (loss) before income taxes	111,870		(12,900)		124,770		N/M		344,259		243,112		101,147		42	%
Income tax expense (benefit)	23,060		(58,114)		81,174		N/M		70,142		3,342		66,800		N/M
Net income	88,809		45,214		43,595		96	%	274,117		239,769		34,348		14	%
Preferred stock dividends	4,155		5,207		(1,052)		(20)	%	14,236		13,152		1,084		8	%
Net income available to common equity	$	84,655	$	40,007	$	44,648	112	%	$	259,880	$	226,618	$	33,262	15	%
Earnings per common share
Basic	$	0.56	$	0.26	$	0.30	115	%	$	1.70	$	1.47	$	0.23	16	%
Diluted	$	0.56	$	0.26	$	0.30	115	%	$	1.69	$	1.46	$	0.23	16	%
Average common shares outstanding
Basic	150,046		152,440		(2,394)		(2)	%	151,473		153,175		(1,702)		(1)	%
Diluted	151,143		153,194		(2,051)		(1)	%	152,701		153,914		(1,213)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) YTD 2020 includes a gain of $163 million from the sale of Associated Benefits & Risk Consulting.

(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell.

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	3Q21		2Q21		$ Change		% Change		1Q21		4Q20		3Q20		$ Change		% Change
Interest income
Interest and fees on loans	$	174,643	$	174,228	$	415	—	%	$	174,049	$	185,934	$	182,625	$	(7,982)	(4)	%
Interest and dividends on investment securities
Taxable	8,745		8,840		(95)		(1)	%	7,014		9,746		13,689		(4,944)		(36)	%
Tax-exempt	14,613		14,366		247		2	%	14,162		14,296		14,523		90		1	%
Other interest	2,281		1,826		455		25	%	1,694		1,699		2,238		43		2	%
Total interest income	200,282		199,260		1,022		1	%	196,920		211,675		213,075		(12,793)		(6)	%
Interest expense
Interest on deposits	4,427		4,609		(182)		(4)	%	5,909		7,762		10,033		(5,606)		(56)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	48		30		18		60	%	26		32		34		14		41	%
Interest on other short-term funding	8		7		1		14	%	6		5		5		3		60	%
Interest on PPPLF	—		—		—		N/M		—		410		899		(899)		(100)	%
Interest on FHLB Advances	8,962		9,524		(562)		(6)	%	9,493		9,888		14,375		(5,413)		(38)	%
Interest on long-term funding	3,163		5,575		(2,412)		(43)	%	5,585		5,585		5,580		(2,417)		(43)	%
Total interest expense	16,607		19,745		(3,138)		(16)	%	21,018		23,682		30,925		(14,318)		(46)	%
Net interest income	183,675		179,515		4,160		2	%	175,902		187,993		182,150		1,525		1	%
Provision for credit losses	(24,010)		(35,004)		10,994		(31)	%	(23,004)		16,997		43,009		(67,019)		N/M
Net interest income after provision for credit losses	207,685		214,519		(6,834)		(3)	%	198,906		170,996		139,141		68,544		49	%
Noninterest income
Wealth management fees	22,110		22,706		(596)		(3)	%	22,414		22,073		21,152		958		5	%
Service charges and deposit account fees	16,962		15,549		1,413		9	%	14,855		15,318		14,283		2,679		19	%
Card-based fees	11,113		10,982		131		1	%	9,743		9,848		10,195		918		9	%
Other fee-based revenue	3,929		4,244		(315)		(7)	%	4,596		4,998		4,968		(1,039)		(21)	%
Capital markets, net	7,114		5,696		1,418		25	%	8,118		5,898		7,222		(108)		(1)	%
Mortgage banking, net	10,657		8,128		2,529		31	%	23,925		14,537		12,636		(1,979)		(16)	%
Bank and corporate owned life insurance	2,760		3,088		(328)		(11)	%	2,702		3,978		3,074		(314)		(10)	%
Insurance commissions and fees	88		86		2		2	%	76		92		114		(26)		(23)	%
Asset gains (losses), net	5,228		(14)		5,242		N/M		4,809		(1,356)		(339)		5,567		N/M
Investment securities gains (losses), net	—		24		(24)		(100)	%	(39)		—		7		(7)		(100)	%
Gains on sale of branches, net(a)	—		36		(36)		(100)	%	1,002		7,449		—		—		N/M
Other	2,116		2,918		(802)		(27)	%	3,141		2,879		2,232		(116)		(5)	%
Total noninterest income	82,076		73,443		8,633		12	%	95,343		85,714		75,545		6,531		9	%
Noninterest expense
Personnel	107,880		106,994		886		1	%	104,026		98,033		108,567		(687)		(1)	%
Technology	19,927		20,236		(309)		(2)	%	20,740		19,574		19,666		261		1	%
Occupancy	15,814		14,679		1,135		8	%	16,156		15,678		17,854		(2,040)		(11)	%
Business development and advertising	6,156		4,970		1,186		24	%	4,395		5,421		3,626		2,530		70	%
Equipment	5,200		5,481		(281)		(5)	%	5,518		5,555		5,399		(199)		(4)	%
Legal and professional	4,304		6,661		(2,357)		(35)	%	6,530		5,737		5,591		(1,287)		(23)	%
Loan and foreclosure costs	1,616		2,671		(1,055)		(39)	%	2,220		3,758		2,118		(502)		(24)	%
FDIC assessment	5,000		3,600		1,400		39	%	4,750		5,700		3,900		1,100		28	%
Other intangible amortization	2,203		2,203		—		—	%	2,236		2,253		2,253		(50)		(2)	%
Loss on prepayments of FHLB advances	—		—		—		N/M		—		—		44,650		(44,650)		(100)	%
Other	9,793		6,979		2,814		40	%	8,775		11,141		13,963		(4,170)		(30)	%
Total noninterest expense	177,892		174,475		3,417		2	%	175,347		172,850		227,587		(49,695)		(22)	%
Income (loss) before income taxes	111,870		113,487		(1,617)		(1)	%	118,903		83,860		(12,900)		124,770		N/M
Income tax expense (benefit)	23,060		22,480		580		3	%	24,602		16,858		(58,114)		81,174		N/M
Net income	88,809		91,007		(2,198)		(2)	%	94,301		67,002		45,214		43,595		96	%
Preferred stock dividends	4,155		4,875		(720)		(15)	%	5,207		5,207		5,207		(1,052)		(20)	%
Net income available to common equity	$	84,655	$	86,131	$	(1,476)	(2)	%	$	89,094	$	61,795	$	40,007	$	44,648	112	%
Earnings per common share
Basic	$	0.56	$	0.56	$	—	—	%	$	0.58	$	0.40	$	0.26	$	0.30	115	%
Diluted	$	0.56	$	0.56	$	—	—	%	$	0.58	$	0.40	$	0.26	$	0.30	115	%
Average common shares outstanding
Basic	150,046		152,042		(1,996)		(1)	%	152,355		152,497		152,440		(2,394)		(2)	%
Diluted	151,143		153,381		(2,238)		(1)	%	153,688		153,262		153,194		(2,051)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD Sep 2021			YTD Sep 2020			3Q21			2Q21			1Q21			4Q20			3Q20
Per common share data
Dividends	$	0.56		$	0.54		$	0.20		$	0.18		$	0.18		$	0.18		$	0.18
Market value:
High	23.33			21.94			21.85			23.33			23.14			17.17			14.25
Low	17.20			10.85			18.56			20.36			17.20			12.68			11.86
Close							21.42			20.48			21.34			17.05			12.62
Book value							25.35			24.99			24.56			24.34			24.04
Tangible book value / share							17.58			17.35			16.95			16.67			16.37
Performance ratios (annualized)
Return on average assets	1.07		%	0.93		%	1.01		%	1.06		%	1.14		%	0.78		%	0.51		%
Noninterest expense / average assets	2.06		%	2.35		%	2.03		%	2.04		%	2.11		%	2.02		%	2.55		%
Effective tax rate	20.37		%	1.37		%	20.61		%	19.81		%	20.69		%	20.10		%	N/M
Dividend payout ratio(a)	32.94		%	36.73		%	35.71		%	32.14		%	31.03		%	45.00		%	69.23		%
Net interest margin	2.38		%	2.54		%	2.38		%	2.37		%	2.39		%	2.49		%	2.31		%
Selected trend information
Average full time equivalent employees(b)	4,006			4,568			4,010			3,990			4,020			4,134			4,374
Branch count							224			224			227			228			249
Assets under management, at market value(c)							$	13,148		$	13,141		$	12,553		$	13,314		$	12,195
Mortgage loans originated for sale during period	$	1,345		$	1,319		$	456		$	477		$	413		$	323		$	458
Mortgage loan settlements during period	$	1,348		$	1,621		$	463		$	484		$	400		$	339		$	599
Mortgage portfolio loans transferred to held for sale during period	$	—		$	269		$	—		$	—		$	—		$	—		$	70
Mortgage portfolio serviced for others							$	7,057		$	7,150		$	7,313		$	7,744		$	8,219
Mortgage servicing rights, net / mortgage portfolio serviced for others							0.71		%	0.68		%	0.68		%	0.54		%	0.55		%
Shares repurchased during period(d)	5,199			4,264			2,919			1,314			966			—			—
Shares outstanding, end of period							149,961			152,865			153,685			153,540			153,552
Paycheck Protection Program fees, net
Deferred fees, beginning of period	$	12		$	—		$	15		$	18		$	12		$	21		$	24
Fees received	18			28			—			6			12			—			1
Fees recognized	(24)			(7)			(9)			(8)			(7)			(9)			(4)
Deferred fees, end of period	$	7		$	21		$	7		$	15		$	18		$	12		$	21
Selected quarterly ratios
Loans / deposits							84.81		%	87.83		%	87.30		%	92.33		%	93.60		%
Stockholders’ equity / assets							11.60		%	12.03		%	11.94		%	12.24		%	11.66		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	26,304		$	26,073		$	25,640		$	25,903		$	26,142
Common equity Tier 1							$	2,780		$	2,790		$	2,759		$	2,706		$	2,672
Common equity Tier 1 capital ratio							10.57		%	10.70		%	10.76		%	10.45		%	10.22		%
Tier 1 capital ratio							11.30		%	11.81		%	12.14		%	11.81		%	11.57		%
Total capital ratio							13.50		%	14.02		%	14.36		%	14.02		%	13.78		%
Tier 1 leverage ratio							8.81		%	9.23		%	9.53		%	9.37		%	9.02		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	(1)		$	—		$	—		$	—		$	(1)		$	(1)		$	(1)
Gains (losses) and fair value adjustments on loans held for sale	32			45			8			9			15			15			15
Fair value adjustment on portfolio loans transferred to held for sale	—			4			—			—			—			—			1
Mortgage servicing rights (impairment) recovery	12			(18)			2			—			11			1			(1)
Mortgage banking, net	$	43		$	31		$	11		$	8		$	24		$	15		$	13

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Ratio is based upon basic earnings per common share.

(b)Average full time equivalent employees without overtime.

(c)Excludes assets held in brokerage accounts.

(d)Does not include repurchases related to tax withholding on equity compensation.

(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(f)September 30, 2021 data is estimated.

(g)Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Sep 30, 2021			Jun 30, 2021			Seql Qtr % Change		Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	318,811		$	352,938		(10)	%	$	383,702		$	384,711		$	363,803		(12)	%
Provision for loan losses	(20,000)			(29,500)			(32)	%	(26,000)			26,500			50,500			N/M
Charge offs	(10,929)			(7,681)			42	%	(13,174)			(30,315)			(34,079)			(68)	%
Recoveries	3,115			3,054			2	%	8,410			2,805			4,488			(31)	%
Net charge offs	(7,814)			(4,628)			69	%	(4,764)			(27,510)			(29,592)			(74)	%
Balance at end of period	$	290,997		$	318,811		(9)	%	$	352,938		$	383,702		$	384,711		(24)	%
Allowance for unfunded commitments
Balance at beginning of period	$	45,276		$	50,776		(11)	%	$	47,776		$	57,276		$	64,776		(30)	%
Provision for unfunded commitments	(4,000)			(5,500)			(27)	%	3,000			(9,500)			(7,500)			(47)	%
Balance at end of period	$	41,276		$	45,276		(9)	%	$	50,776		$	47,776		$	57,276		(28)	%
Allowance for credit losses on loans (ACLL)	$	332,273		$	364,087		(9)	%	$	403,714		$	431,478		$	441,988		(25)	%
Provision for credit losses on loans	$	(24,000)		$	(35,000)		(31)	%	$	(23,000)		$	17,000		$	43,000		N/M
($ in thousands)	Sep 30, 2021			Jun 30, 2021			Seql Qtr % Change		Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	(9,057)			1,333			N/M		1,367			(8,514)			(24,834)			(64)	%
Commercial real estate—owner occupied	106			5			N/M		4			143			(416)			N/M
Commercial and business lending	(8,951)			1,338			N/M		1,370			(8,371)			(25,249)			(65)	%
Commercial real estate—investor	181			(5,589)			N/M		(5,886)			(18,696)			(3,609)			N/M
Real estate construction	18			23			(22)	%	29			43			(21)			N/M
Commercial real estate lending	199			(5,566)			N/M		(5,857)			(18,653)			(3,630)			N/M
Total commercial	(8,752)			(4,228)			107	%	(4,487)			(27,024)			(28,879)			(70)	%
Residential mortgage	300			(223)			N/M		(109)			(162)			(79)			N/M
Home equity	959			337			185	%	344			335			156			N/M
Other consumer	(329)			(517)			(36)	%	(521)			(668)			(797)			(59)	%
Auto	8			3			167	%	9			9			8			—	%
Total consumer	938			(400)			N/M		(277)			(486)			(712)			N/M
Total net (charge offs) recoveries	$	(7,814)		$	(4,628)		69	%	$	(4,764)		$	(27,510)		$	(29,592)		(74)	%
(In basis points)	Sep 30, 2021			Jun 30, 2021					Mar 31, 2021			Dec 31, 2020			Sep 30, 2020
Net charge offs to average loans (annualized)
Commercial and industrial	(46)			7					7			(45)			(126)
Commercial real estate—owner occupied	5			—					—			6			(18)
Commercial and business lending	(40)			6					6			(35)			(103)
Commercial real estate—investor	2			(52)					(55)			(173)			(34)
Real estate construction	—			1					1			1			—
Commercial real estate lending	1			(36)					(38)			(121)			(24)
Total commercial	(23)			(11)					(12)			(69)			(73)
Residential mortgage	2			(1)					(1)			(1)			—
Home equity	61			21					21			18			8
Other consumer	(44)			(72)					(72)			(88)			(103)
Auto	43			15					37			29			22
Total consumer	4			(2)					(1)			(2)			(3)
Total net charge offs	(13)			(8)					(8)			(44)			(47)
($ in thousands)	Sep 30, 2021			Jun 30, 2021			Seql Qtr % Change		Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	135,062		$	147,135		(8)	%	$	163,292		$	210,854		$	231,590		(42)	%
Other real estate owned (OREO)	33,855			24,000			41	%	24,588			14,269			18,983			78	%
Other nonperforming assets	—			—			N/M		—			—			909			(100)	%
Total nonperforming assets	$	168,917		$	171,135		(1)	%	$	187,880		$	225,123		$	251,481		(33)	%
Loans 90 or more days past due and still accruing	$	1,029		$	1,302		(21)	%	$	1,675		$	1,598		$	1,854		(44)	%
Allowance for credit losses on loans to total loans	1.41		%	1.52		%			1.67		%	1.76		%	1.77		%
Allowance for credit losses on loans to nonaccrual loans	246.02		%	247.45		%			247.23		%	204.63		%	190.85		%
Nonaccrual loans to total loans	0.57		%	0.61		%			0.68		%	0.86		%	0.93		%
Nonperforming assets to total loans plus OREO	0.71		%	0.71		%			0.78		%	0.92		%	1.01		%
Nonperforming assets to total assets	0.49		%	0.50		%			0.54		%	0.67		%	0.72		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.10		%	0.08		%			0.08		%	0.41		%	0.40		%

N/M = Not meaningful

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	8,497	$	18,380	(54)	%	$	33,192	$	61,859	$	105,899	(92)	%
Commercial real estate—owner occupied	7		7		—	%	7		1,058		2,043		(100)	%
Commercial and business lending	8,504		18,387		(54)	%	33,200		62,917		107,941		(92)	%
Commercial real estate—investor	61,504		63,003		(2)	%	58,485		78,220		50,458		22	%
Real estate construction	247		247		—	%	327		353		392		(37)	%
Commercial real estate lending	61,751		63,250		(2)	%	58,813		78,573		50,850		21	%
Total commercial	70,256		81,637		(14)	%	92,012		141,490		158,792		(56)	%
Residential mortgage	56,678		56,795		—	%	61,256		59,337		62,331		(9)	%
Home equity	7,838		8,517		(8)	%	9,792		9,888		10,277		(24)	%
Other consumer	222		131		69	%	195		91		158		41	%
Auto	67		56		20	%	36		49		33		103	%
Total consumer	64,806		65,498		(1)	%	71,280		69,364		72,798		(11)	%
Total nonaccrual loans	$	135,062	$	147,135	(8)	%	$	163,292	$	210,854	$	231,590	(42)	%
	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	11,067	$	11,569	(4)	%	$	11,985	$	12,713	$	16,002	(31)	%
Commercial real estate—owner occupied	1,031		1,225		(16)	%	1,488		1,711		1,389		(26)	%
Commercial and business lending	12,098		12,794		(5)	%	13,473		14,424		17,391		(30)	%
Commercial real estate—investor	13,236		13,306		(1)	%	13,627		26,435		635		N/M
Real estate construction	248		253		(2)	%	256		260		382		(35)	%
Commercial real estate lending	13,484		13,559		(1)	%	13,884		26,695		1,016		N/M
Total commercial	25,582		26,353		(3)	%	27,356		41,119		18,407		39	%
Residential mortgage	15,253		12,227		25	%	10,462		7,825		5,378		184	%
Home equity	2,787		2,451		14	%	1,929		1,957		1,889		48	%
Other consumer	877		904		(3)	%	1,073		1,191		1,218		(28)	%
Total consumer	18,917		15,582		21	%	13,464		10,973		8,485		123	%
Total restructured loans (accruing)	$	44,499	$	41,935	6	%	$	40,820	$	52,092	$	26,891	65	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	15,226	$	17,237	(12)	%	$	17,624	$	20,190	$	23,844	(36)	%
	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
PPP Loans	$	568	$	—	N/M		$	—	$	—	$	—	N/M
Commercial and industrial	1,229		258		N/M		526		6,119		298		N/M
Commercial real estate—owner occupied	30		47		(36)	%	—		373		870		(97)	%
Commercial and business lending	1,827		306		N/M		526		6,492		1,167		57	%
Commercial real estate—investor	17,021		391		N/M		5,999		12,793		409		N/M
Real estate construction	—		117		(100)	%	977		991		111		(100)	%
Commercial real estate lending	17,021		509		N/M		6,976		13,784		520		N/M
Total commercial	18,848		814		N/M		7,502		20,276		1,687		N/M
Residential mortgage	7,095		5,015		41	%	3,973		10,385		6,185		15	%
Home equity	2,931		2,472		19	%	2,352		4,802		5,609		(48)	%
Other consumer	1,272		1,036		23	%	1,246		1,543		1,322		(4)	%
Auto	10		38		(74)	%	24		57		29		(66)	%
Total consumer	11,308		8,562		32	%	7,594		16,786		13,144		(14)	%
Total accruing loans 30-89 days past due	$	30,156	$	9,376	N/M		$	15,097	$	37,062	$	14,831	103	%
	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	4,160	$	8,695	(52)	%	$	22,398	$	18,002	$	19,161	(78)	%
Commercial and industrial	124,990		77,064		62	%	122,143		121,487		144,159		(13)	%
Commercial real estate—owner occupied	21,241		17,828		19	%	15,965		26,179		22,808		(7)	%
Commercial and business lending	150,391		103,587		45	%	160,506		165,668		186,129		(19)	%
Commercial real estate—investor	78,962		71,613		10	%	85,752		91,396		100,459		(21)	%
Real estate construction	19,187		16,465		17	%	13,977		19,046		2,178		N/M
Commercial real estate lending	98,150		88,078		11	%	99,728		110,442		102,637		(4)	%
Total commercial	248,541		191,665		30	%	260,234		276,111		288,766		(14)	%
Residential mortgage	2,374		3,024		(21)	%	2,524		3,749		2,396		(1)	%
Home equity	171		1,558		(89)	%	1,729		2,068		1,632		(90)	%
Total consumer	2,546		4,583		(44)	%	4,254		5,817		4,028		(37)	%
Total potential problem loans	$	251,087	$	196,248	28	%	$	264,488	$	281,928	$	292,794	(14)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

(b) The Corporation's policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	September 30, 2021						June 30, 2021						September 30, 2020
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending	$	275,414	$	9,633	13.88	%	$	701,440	$	10,048	5.75	%	$	1,019,808	$	6,172	2.41	%
Commercial and business lending (excl PPP loans)	8,708,659		54,099		2.47	%	8,437,624		53,886		2.56	%	8,751,083		56,951		2.59	%
Commercial real estate lending	6,160,241		44,859		2.89	%	6,159,728		44,139		2.87	%	6,032,308		44,354		2.93	%
Total commercial	15,144,314		108,591		2.85	%	15,298,792		108,073		2.83	%	15,803,199		107,476		2.71	%
Residential mortgage	7,817,737		55,305		2.83	%	7,861,139		55,337		2.82	%	8,058,283		61,701		3.06	%
Retail	921,906		11,120		4.81	%	938,682		11,197		4.78	%	1,101,589		13,780		4.99	%
Total loans	23,883,957		175,016		2.92	%	24,098,614		174,607		2.90	%	24,963,071		182,957		2.92	%
Investment securities
Taxable	3,258,587		8,745		1.07	%	3,220,825		8,840		1.10	%	3,438,858		13,689		1.59	%
Tax-exempt(a)	2,029,126		18,412		3.63	%	1,953,696		18,101		3.71	%	1,923,445		18,154		3.78	%
Other short-term investments	2,215,805		2,281		0.41	%	1,766,615		1,826		0.41	%	1,788,471		2,238		0.50	%
Investments and other	7,503,518		29,439		1.57	%	6,941,135		28,767		1.66	%	7,150,775		34,081		1.90	%
Total earning assets	31,387,475		$	204,455	2.59	%	31,039,749		$	203,375	2.62	%	32,113,847		$	217,038	2.70	%
Other assets, net	3,372,013						3,339,898						3,436,512
Total assets	$	34,759,489					$	34,379,647					$	35,550,359
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,248,493	$	377	0.04	%	$	4,121,553	$	357	0.03	%	$	3,462,942	$	382	0.04	%
Interest-bearing demand	6,344,504		1,361		0.09	%	5,879,173		1,057		0.07	%	5,835,597		1,085		0.07	%
Money market	7,011,075		1,019		0.06	%	6,981,482		1,023		0.06	%	6,464,784		1,444		0.09	%
Network transaction deposits	893,991		290		0.13	%	908,869		264		0.12	%	1,528,199		609		0.16	%
Time deposits	1,434,588		1,379		0.38	%	1,509,705		1,909		0.51	%	2,135,870		6,513		1.21	%
Total interest-bearing deposits	19,932,650		4,427		0.09	%	19,400,781		4,609		0.10	%	19,427,392		10,033		0.21	%
Federal funds purchased and securities sold under agreements to repurchase	238,735		48		0.08	%	157,619		30		0.08	%	140,321		34		0.10	%
Commercial Paper	55,864		8		0.05	%	55,209		7		0.05	%	42,338		5		0.05	%
PPPLF	—		—		—	%	—		—		—	%	1,018,994		899		0.35	%
FHLB advances	1,620,790		8,962		2.19	%	1,620,397		9,524		2.36	%	2,450,344		14,375		2.33	%
Long-term funding	288,236		3,163		4.39	%	549,222		5,575		4.06	%	549,042		5,580		4.06	%
Total short and long-term funding	2,203,625		12,180		2.20	%	2,382,446		15,136		2.55	%	4,201,039		20,892		1.98	%
Total interest-bearing liabilities	22,136,276		$	16,607	0.30	%	21,783,227		$	19,745	0.36	%	23,628,431		$	30,925	0.52	%
Noninterest-bearing demand deposits	8,141,723						8,069,851						7,412,186
Other liabilities	401,077						395,950						475,310
Stockholders’ equity	4,080,413						4,130,618						4,034,432
Total liabilities and stockholders’ equity	$	34,759,489					$	34,379,647					$	35,550,359
Interest rate spread					2.29	%					2.26	%					2.18	%
Net free funds					0.09	%					0.11	%					0.13	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	187,848	2.38	%			$	183,629	2.37	%			$	186,112	2.31	%
Fully tax-equivalent adjustment			4,172						4,115						3,963
Net interest income			$	183,675					$	179,515					$	182,150

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Nine Months Ended September 30,
	2021						2020
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending	$	592,571	$	28,582	6.45	%	$	624,305	$	11,012	2.36	%
Commercial and business lending (excl PPP loans)	8,561,822		162,075		2.53	%	8,774,616		201,265		3.06	%
Commercial real estate lending	6,163,684		133,314		2.89	%	5,695,281		147,909		3.47	%
Total commercial	15,318,077		323,971		2.83	%	15,094,201		360,187		3.19	%
Residential mortgage	7,879,992		166,146		2.81	%	8,244,116		194,521		3.15	%
Retail	948,449		33,947		4.78	%	1,150,916		45,621		5.29	%
Total loans	24,146,518		524,065		2.90	%	24,489,234		600,329		3.27	%
Investment securities
Taxable	3,152,994		24,600		1.04	%	3,343,083		50,064		2.00	%
Tax-exempt (a)	1,961,528		54,357		3.69	%	1,939,968		55,026		3.78	%
Other short-term investments	1,662,571		5,802		0.47	%	1,095,555		7,774		0.95	%
Investments and other	6,777,093		84,759		1.67	%	6,378,606		112,864		2.36	%
Total earning assets	30,923,610		$	608,824	2.63	%	30,867,840		$	713,193	3.08	%
Other assets, net	3,354,657						3,460,967
Total assets	$	34,278,268					$	34,328,806
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,061,728	$	1,066	0.04	%	$	3,198,244	$	2,610	0.11	%
Interest-bearing demand	5,981,295		3,596		0.08	%	5,530,482		11,281		0.27	%
Money market	6,956,591		3,101		0.06	%	6,499,965		14,152		0.29	%
Network transaction deposits	960,308		880		0.12	%	1,502,449		5,750		0.51	%
Time deposits	1,533,466		6,302		0.55	%	2,412,985		26,083		1.44	%
Total interest-bearing deposits	19,493,387		14,945		0.10	%	19,144,126		59,877		0.42	%
Federal funds purchased and securities sold under agreements to repurchase	177,875		103		0.08	%	179,615		454		0.34	%
Commercial Paper	51,330		21		0.05	%	38,064		35		0.12	%
PPPLF	—		—		—	%	599,368		1,574		0.35	%
Other short-term funding	—		—		—	%	5,645		11		0.25	%
FHLB advances	1,624,320		27,979		2.30	%	2,829,680		47,471		2.24	%
Long-term funding	461,390		14,323		4.14	%	549,088		16,780		4.07	%
Total short and long-term funding	2,314,915		42,425		2.45	%	4,201,461		66,325		2.11	%
Total interest-bearing liabilities	21,808,303		$	57,371	0.35	%	23,345,586		$	126,201	0.72	%
Noninterest-bearing demand deposits	7,961,119						6,618,058
Other liabilities	403,925						457,195
Stockholders’ equity	4,104,921						3,907,966
Total liabilities and stockholders’ equity	$	34,278,268					$	34,328,806
Interest rate spread					2.28	%					2.36	%
Net free funds					0.10	%					0.18	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	551,453	2.38	%			$	586,992	2.54	%
Fully tax-equivalent adjustment			12,362						12,028
Net interest income			$	539,092					$	574,964

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
PPP Loans	$	182,121	$	405,482	(55)	%	$	836,566	$	767,757	$	1,022,217	(82)	%
Commercial and industrial	7,927,459		7,909,119		—	%	7,664,501		7,701,422		7,933,404		—	%
Commercial real estate—owner occupied	879,554		880,755		—	%	883,237		900,912		904,997		(3)	%
Commercial and business lending	8,989,133		9,195,355		(2)	%	9,384,303		9,370,091		9,860,618		(9)	%
Commercial real estate—investor	4,296,489		4,300,651		—	%	4,260,706		4,342,584		4,320,926		(1)	%
Real estate construction	1,834,871		1,880,897		(2)	%	1,882,299		1,840,417		1,859,609		(1)	%
Commercial real estate lending	6,131,360		6,181,549		(1)	%	6,143,004		6,183,001		6,180,536		(1)	%
Total commercial	15,120,493		15,376,904		(2)	%	15,527,307		15,553,091		16,041,154		(6)	%
Residential mortgage	7,590,895		7,638,372		(1)	%	7,685,218		7,878,324		7,885,523		(4)	%
Home equity	608,566		631,783		(4)	%	651,647		707,255		761,593		(20)	%
Other consumer	294,979		292,660		1	%	288,990		301,876		302,603		(3)	%
Auto loans	6,739		7,817		(14)	%	9,165		11,177		12,879		(48)	%
Total consumer	8,501,180		8,570,632		(1)	%	8,635,020		8,898,632		8,962,599		(5)	%
Total loans	$	23,621,673	$	23,947,536	(1)	%	$	24,162,328	$	24,451,724	$	25,003,753	(6)	%
Period end deposit and customer funding composition	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,170,105	$	7,999,143	2	%	$	8,496,194	$	7,661,728	$	7,489,048	9	%
Savings	4,278,453		4,182,651		2	%	4,032,830		3,650,085		3,529,423		21	%
Interest-bearing demand	6,407,844		5,969,285		7	%	5,748,353		6,090,869		5,979,449		7	%
Money market	7,583,978		7,640,825		(1)	%	7,838,437		7,322,769		7,687,775		(1)	%
Time deposits	1,410,886		1,472,395		(4)	%	1,561,352		1,757,030		2,026,852		(30)	%
Total deposits	27,851,266		27,264,299		2	%	27,677,166		26,482,481		26,712,547		4	%
Customer funding(a)	322,081		226,160		42	%	182,228		245,247		198,741		62	%
Total deposits and customer funding	$	28,173,348	$	27,490,459	2	%	$	27,859,394	$	26,727,727	$	26,911,289	5	%
Network transaction deposits(b)	$	929,174	$	871,603	7	%	$	1,054,634	$	1,197,093	$	1,390,778	(33)	%
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits)	$	27,244,174	$	26,618,856	2	%	$	26,804,761	$	25,530,634	$	25,520,511	7	%
Quarter average loan composition	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
PPP Loans	$	275,414	$	701,440	(61)	%	$	806,699	$	929,859	$	1,019,808	(73)	%
Commercial and industrial	7,832,611		7,558,878		4	%	7,631,274		7,609,185		7,844,209		—	%
Commercial real estate—owner occupied	876,047		878,746		—	%	906,027		904,565		906,874		(3)	%
Commercial and business lending	8,984,072		9,139,064		(2)	%	9,344,000		9,443,609		9,770,891		(8)	%
Commercial real estate—investor	4,297,783		4,321,109		(1)	%	4,303,365		4,289,703		4,255,473		1	%
Real estate construction	1,862,458		1,838,619		1	%	1,867,836		1,867,919		1,776,835		5	%
Commercial real estate lending	6,160,241		6,159,728		—	%	6,171,202		6,157,622		6,032,308		2	%
Total commercial	15,144,314		15,298,792		(1)	%	15,515,202		15,601,230		15,803,199		(4)	%
Residential mortgage	7,817,737		7,861,139		(1)	%	7,962,691		8,029,585		8,058,283		(3)	%
Home equity	620,601		641,438		(3)	%	680,738		736,059		780,202		(20)	%
Other consumer	301,305		297,245		1	%	304,718		314,963		321,387		(6)	%
Total consumer	8,739,643		8,799,822		(1)	%	8,948,147		9,080,607		9,159,872		(5)	%
Total loans(c)	$	23,883,957	$	24,098,614	(1)	%	$	24,463,349	$	24,681,837	$	24,963,071	(4)	%
Quarter average deposit composition	Sep 30, 2021		Jun 30, 2021		Seql Qtr % Change		Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,141,723	$	8,069,851	1	%	$	7,666,561	$	7,677,003	$	7,412,186	10	%
Savings	4,248,493		4,121,553		3	%	3,810,321		3,628,458		3,462,942		23	%
Interest-bearing demand	6,344,504		5,879,173		8	%	5,713,270		5,739,983		5,835,597		9	%
Money market	7,011,075		6,981,482		—	%	6,875,730		6,539,583		6,464,784		8	%
Network transaction deposits	893,991		908,869		(2)	%	1,080,109		1,265,748		1,528,199		(42)	%
Time deposits	1,434,588		1,509,705		(5)	%	1,658,568		1,888,074		2,135,870		(33)	%
Total deposits	$	28,074,374	$	27,470,633	2	%	$	26,804,559	$	26,738,850	$	26,839,578	5	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Includes repurchase agreements and commercial paper.

(b)Included above in interest-bearing demand and money market.

(c)Nonaccrual loans and loans held for sale have been included in the average balances.

9

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Sep 2021			Sep 2020			3Q21			2Q21			1Q21			4Q20			3Q20
Tangible common equity reconciliation(a)
Common equity							$	3,802		$	3,820		$	3,774		$	3,737		$	3,692
Goodwill and other intangible assets, net							(1,165)			(1,167)			(1,170)			(1,178)			(1,178)
Tangible common equity							$	2,636		$	2,652		$	2,605		$	2,560		$	2,513
Tangible assets reconciliation(a)
Total assets							$	34,440		$	34,153		$	34,575		$	33,420		$	34,699
Goodwill and other intangible assets, net							(1,165)			(1,167)			(1,170)			(1,178)			(1,178)
Tangible assets							$	33,274		$	32,985		$	33,406		$	32,242		$	33,520
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,782		$	3,611		$	3,807		$	3,788		$	3,750		$	3,700		$	3,681
Goodwill and other intangible assets, net	(1,170)			(1,244)			(1,167)			(1,169)			(1,175)			(1,178)			(1,180)
Tangible common equity	2,612			2,367			2,640			2,619			2,576			2,522			2,501
Modified CECL transitional amount	106			112			97			106			116			123			120
Accumulated other comprehensive loss (income)	(5)			5			(5)			(3)			(5)			(4)			(4)
Deferred tax assets (liabilities), net	40			45			40			40			41			42			42
Average common equity tier 1	$	2,754		$	2,528		$	2,772		$	2,762		$	2,727		$	2,683		$	2,660
Average tangible assets reconciliation(a)
Total assets	$	34,278		$	34,329		$	34,759		$	34,380		$	33,684		$	34,076		$	35,550
Goodwill and other intangible assets, net	(1,170)			(1,244)			(1,167)			(1,169)			(1,175)			(1,178)			(1,180)
Tangible assets	$	33,108		$	33,085		$	33,593		$	33,211		$	32,510		$	32,898		$	34,371
Selected trend information(b)
Wealth management fees	$	67		$	63		$	22		$	23		$	22		$	22		$	21
Service charges and deposit account fees	47			41			17			16			15			15			14
Card-based fees	32			29			11			11			10			10			10
Other fee-based revenue	13			14			4			4			5			5			5
Fee-based revenue	159			147			54			53			52			52			51
Other	92			282			28			20			44			33			25
Total noninterest income	$	251		$	428		$	82		$	73		$	95		$	86		$	76
Pre-tax pre-provision income(c)
Income before income taxes	$	344		$	243		$	112		$	113		$	119		$	84		$	(13)
Provision for credit losses	(82)			157			(24)			(35)			(23)			17			43
Pre-tax pre-provision income	$	262		$	400		$	88		$	78		$	96		$	101		$	30
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets							7.92		%	8.04		%	7.80		%	7.94		%	7.50		%
Return on average equity	8.93		%	8.20		%	8.63		%	8.84		%	9.32		%	6.58		%	4.46		%
Return on average tangible common equity	13.30		%	12.79		%	12.72		%	13.19		%	14.03		%	9.75		%	6.36		%
Return on average common equity Tier 1	12.62		%	11.97		%	12.11		%	12.51		%	13.25		%	9.16		%	5.98		%
Return on average tangible assets	1.11		%	0.97		%	1.05		%	1.10		%	1.18		%	0.81		%	0.52		%
Average stockholders' equity / average assets	11.98		%	11.38		%	11.74		%	12.01		%	12.18		%	11.90		%	11.35		%
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio	65.98		%	62.34		%	65.43		%	66.81		%	65.74		%	59.68		%	85.41		%
Fully tax-equivalent adjustment	(1.02)		%	(0.75)		%	(1.01)		%	(1.07)		%	(0.97)		%	(0.84)		%	(1.29)		%
Other intangible amortization	(0.84)		%	(0.80)		%	(0.83)		%	(0.87)		%	(0.82)		%	(0.82)		%	(0.87)		%
Fully tax-equivalent efficiency ratio	64.13		%	60.80		%	63.61		%	64.88		%	63.96		%	58.02		%	83.25		%
Provision for unfunded commitments adjustment	0.81		%	(1.64)		%	1.48		%	2.14		%	(1.09)		%	3.42		%	2.87		%
Asset gains (losses), net adjustment	0.82		%	10.89		%	1.29		%	—		%	1.12		%	(0.30)		%	(0.11)		%
Acquisitions, branch sales, and initiatives	(0.22)		%	(7.31)		%	(0.91)		%	0.01		%	0.22		%	1.68		%	(22.99)		%
Adjusted efficiency ratio	65.54		%	62.74		%	65.46		%	67.02		%	64.21		%	62.83		%	63.02		%

Numbers may not sum due to rounding.

(a)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.

(b)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(c)Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.

(d)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.

(e)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense, which excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, asset gains (losses), net, and gain on sale of branches, net. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and announced initiatives.

(f)Diluted earnings and per share data presented after-tax.

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